n e w s

FOR IMMEDIATE RELEASE
March 31, 2003
For More Information:
Glenn Aspinwall, Colonial Properties Trust, 678.461.3305

North Fulton Market Attracting Large Corporate User-Interest;
North Fulton CID Group Meets With County Tax Assessor

“Activity has been steadily picking up since late 2002.”

The North Fulton office market has had a feeling of déjà vu in the past three months as several large corporate users have been touring potential sites in the suburban area centered on Ga. 400. Newell Rubbermaid Inc., the Freeport, Illinois-based maker of Sharpie pens and Little Tikes toys recently announced it is relocating its headquarters. Area brokers and developers have been meeting with officials of the $7.5 billion company.

Glenn Aspinwall, Vice President and Marketing Officer of Colonial Properties Trust, says Rubbermaid is only “one of a growing number of large users of 100,000-to-250,000 square feet that seem to be focused on the North Fulton market for corporate consolidation or relocation.”

Aspinwall noted the cyclical nature of the recent activity. “The North Fulton market initially developed from large corporate users such as Siemens and AT&T that needed campus environments, ” he said. “They were attracted to the area’s proximity to workforces from four different counties. Then speculative development moved in and was able to house many corporate developments in the next wave. Now, we’re seeing the larger users coming back in.”

“Because of North Fulton’s access to a larger employee base, its quality of life and abundant green space, the area continues to attract businesses,” according to Kevin Lott, Colonial’s Leasing Representative. “Activity has been steadily picking up since late 2002. Decisions are being made quicker than they were in late 2001 and 2002. Their interest is being driven by the fact that tenants postponed moves during the recent economic softness, that leases are expiring, or that they are consolidating. In addition, many desire to take advantage of current market conditions.”

Long-anticipated transportation improvements to the Ga. 400 corridor took another step toward fruition as a task force committed to instituting a North Fulton Commercial Improvement District (CID) met with county tax assessors in late March. “I believe we have a workable plan to get the district formed,” said Tom LaDow, Senior Vice President of property development for Colonial. “We have received most of the consents necessary from property owners and developers to move the project toward approval from Dr. Arthur Ferdinand’s Fulton County Tax Office, which we hope will include the self-imposed improvement tax in the 2002 assessments. We are down to the last few consents.”

One of the CID’s key focus areas will be transportation improvements, particularly to “advancing the ball on completing the Westside Parkway,” LaDow said. “The Parkway will eventually be a complete parallel route to Ga. 400 keeping local traffic off the main artery, providing better access for emergency vehicles, improving employees’ commutes and mitigating overall congestion in the area. Alpharetta Mayor Arthur Letchas said the project is his number one objective.”

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